Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading nearly 2 per cent higher on Monday taking cues from their global peers. The 30-share Sensex was trading 554 points or 1.77 per cent up at 31,881, while the broader Nifty 50 index was ruling at 9,313, up 160 points or 1,74 per cent. Out of 30 stocks that constitute the S&P BSE Sensex, 29 scrips were trading in green today with IndusInd Bank as top gainer up over 3 per cent, followed by Reliance Industries (RIL), Maruti Suzuki and HDFC. While Power Grid was the only laggard on the pack down 0.28 per cent. All the Nifty sectoral indices were trading in positive territory. Nifty Financial Services, Nifty Realty, Nifty Pharma and Nifty IT indices were up nearly 2 per cent each.
Investors could lose a big chunk of the Rs 25,800 crore worth of assets held in the six debt schemes that Franklin Templeton is winding down. With no redemptions possible, investors will have to be satisfied with whatever amount the fund house is able to recover by liquidating the investments. While Franklin may be able to recover the money from the better-rated companies, financial experts pointed out the portfolios have several dud investments. “Fund managers have bought junk in their chase for high yields,” observed an expert.
Sensex reclaimed 32,000-mark in trade, Nifty jumped 210 points or 2.28 per cent to trade at 9,363 on Monday.
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Bajaj Finance, Axis Bank, IndusInd Bank, Bajaj Finserv gain in trade after Reserve Bank of India announced a special liquidity facility of Rs 50,000 crore for mutual funds.
Bouncing back from the losses in the previous session, BSE Sensex and Nifty 50 were trading with nearly 2 per cent gains on Monday, mirroring the positive global cues. S&P BSE Sensex advanced 523 points or 1.67 per cent to 31,850, while the NSE’s Nifty reclaimed the crucial 9,300-mark. Reliance Industries, HDFC, Kotak Mahindra Bank and Infosys were among the top contributors to the index.
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RBI says with a view to easing liquidity pressures on Mutual Funds, it has been decided to open a special liquidity facility for mutual funds of Rs 50,000 crores. RBI shall conduct repo operations of 90 days tenor at the fixed repo rate, ANI reported.
The rising number of COVID-19 cases domestically and a delay in the fiscal stimulus shall keep the overall sentiments fragile. Going forward, the rupee is likely to trade rangebound between 75.50-77.00 levels and dips are expected to be short-lived until positive changes in the fundamentals occur. This majorly includes the invention of the vaccine against Covid-19, containment in further spread of the virus and foreign inflows in Indian capital markets, says Amit Pabari, managing director, CR Forex Advisors.
Mindtree’s Q4FY20 numbers topped expectations—revenue, up 1.2% QoQ USD, outclassed Street’s 0.3% estimate while adjusted EBIT margin, up 150bps QoQ to 13.5%, also beat the forecast. Top-line growth was again driven by the top account while the Hi-tech vertical masked the softness in other verticals. The constant improvement in delivery capabilities is mainly due to almost zero supply-side snags in a quarter marred by operational challenges for the industry at large. Given its strong deal-wins (record USD393mn), Mindtree looks better positioned than mid-cap peers to weather the imminent near-term storm as demand may hit its nadir in H1FY21E. This coupled with an expanding margin trajectory, not to mention a strong USD (weak INR), underpins our unchanged 18x Q2FY22E EPS. The stock is trading at 17.6x FY21E EPS. Retain ‘BUY’ with a TP of INR945.
We believe any cool off from hereon due to global volatility should not be construed as negative instead it should be capitalised on as an incremental buying opportunity, as we expect intermediate correction would get anchored around key support threshold of 8800 as it is confluence of a) 38.2% retracement of ongoing pullback (9390 – 8055), placed at 8880 coincided with b) last weeks low is placed at 8822.Structurally, elongated uptrend along with abating downward momentum, supported by rejuvenating market breadth signifies structural improvement, auguring well for next leg of up move. Currently, index has witnessed the longest pullback in magnitude since life high of 12430. The current pullback off March low of 7511 is longer (1879 points or 25%) compared to mid-March pullback (1604 points or 19%). Looking at historical evidences (over past two decades, average correction to the tune of 40% – 45% offered an opportunity to construct long term portfolio), we advise investors that, elevated volatility in coming weeks should be capitalized to accumulate quality stocks in a staggered manner from minimum one year prospective.
RIL was top Sensex gainer with a growth of nearly 4 per cent to Rs 1,470 apiece on BSE. The market cap of Reliance Industries Ltd (RIL) zoomed Rs 1,21,904.63 crore to Rs 8,98,499.89 crore last week.
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MindTree share price gained over 8% to Rs Rs 842.30 apiece on BSE in Monday’s opening deals. The stock price hit a day’s high of Rs 854.70, while a low of Rs 814.20.
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Mcx gold continued with positive momentum from last week since Fed announced a fresh round of stimulus. The BOJ is expected to expand monetary stimulus for the second straight month aimed at combating the deepening economic fallout from the coronavirus pandemic. Another wave of states prepared to ease coronavirus restrictions on U.S. commerce this week, while the White House forecast a staggering jump in the nation’s monthly jobless rate. Sentiments will be positive in the yellow metal in intraday, says Jigar Trivedi, Fundamental Research Analyst – Commodities. Anand Rathi Shares and Stock Brokers.
Developments in the domestic credit markets and RBI’s response to it would be closely followed. The liquidity in lower rated papers has dried out. The spreads of good AAA names also widened 20-30bps on Friday after Franklin Templeton said it was shutting 6 schemes. US Q1 earnings and US Q1 GDP data would be crucial this week says Abhishek Goenka, Founder and CEO, IFA Global
Out of 30 stocks that constitute the S&P BSE Sensex, 29 scrips were trading in green today with IndusInd Bank as top gainer up over 3 per cent, followed by Reliance Industries (RIL), Maruti Suzuki and HDFC.
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The 30-share Sensex was trading 554 points or 1.77 per cent up at 31,881, while the broader Nifty 50 index was ruling at 9,313, up 160 points or 1,74 per cent.
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The Central Board of Direct Taxes has rejected a report by Indian Revenue Services (IRS) Officials that suggested to charge tax at 40 per cent to those earning over Rs 1 crore. In an official statement, the CBDT said, “The Central Board of Direct Taxes (CBDT) has said today that there is some report circulating on social media regarding suggestions by a few IRS officers on tackling COVID-19 situation.
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The continuous underperformance from the banking pack will remain the overhang on the benchmark ahead also. Consistent buying interest mainly in pharma and select FMCG majors are indeed providing some solace to the participants but it’s not sufficient enough to trigger a sustainable up move in the benchmark. Nifty may see fresh slide below 9000 so traders should plan their positions accordingly, says Ajit Mishra, VP – Research, Religare Broking Ltd
Indian markets failed to score a third back to back weekly gain on worries about economic growth in the background of Covid 19 lockdown. The latest Franklin Templeton Mutual fund issue has created fresh worries on stress in the economy – especially in the financial sector, says Deepak Jasani, Head Of Research, HDFC Securities
Markets are trading uncertain with the virus updates not giving any solace. Investors are looking forward to stimulus measures from the government to keep supporting the affected industries. The government has indicated that they will come out with more measures to support businesses. Additionally, the week ahead will also be driven by stock-specific news regarding the business outlook of individual companies. Any easing of lockdown restrictions will be taken as a positive for the market as a whole, says Vinod Nair, Head of Research at Geojit Financial Services
Despite the categorization by SEBI, a lot of debt schemes take on risks that are not reflected in their scheme riskometer or their category names. Fund managers with a view to generate higher return tend to take higher risks in the portion of other investments permitted in even safe low-risk categories. Investors would also do well to desist from chasing just returns without having regards to the risk taken by the respective schemes. AMFI on its part should educate investors on this aspect (how to assess this risk). On a higher level, faster legal resolutions/recoveries will help in development of buying out of stressed assets and improving the depth and liquidity in secondary debt markets. One hopes that this is a one-off case and we will not see more such cases even though the economy is yet to come out of this difficult phase says Deepak Jasani, Head Of Research, HDFC Securities
Nifty pharma is ready with a longer-term breakout which can be visible on the monthly chart. If it manages to hold above 9300 zones on the closing basis for this week next mid-term target will be 10050 and 10950. Whereas, Nifty FMCG may see some profit booking, says Vishal Wagh, Head of Research, Bonanza Portfolio Ltd.
Global cues are indicating towards the positive start for expiry week. The SGX Nifty is also suggesting that the opening will be above 9200 levels. Since the last 9 trading sessions, the Nifty large range is between 8800-9400. This week we are expecting the market to test either side of the range. There are bright chances of the testing higher side of the range. One should hold Nifty long with stop loss below 9090 levels. Below 9090 levels Nifty may test 8800 zone, says Vishal Wagh, Head of Research, Bonanza Portfolio Ltd.
The rising cases of coronavirus infections and no success in drug development so far are worrying the markets. Investors are still struggling in evaluating the impact of coronavirus pandemic on business as companies refrain from giving guidance. Going ahead, markets are likely to react to earnings, trend in coronavirus cases, oil price and currency movement along with global events. Any announcement from the government on economic stimulus package could provide some interim relief, says Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd
Quarterly earnings, trend in coronavirus cases, and the US Fed’s interest rate decision will be the major drivers for markets in the holiday-shortened week ahead, analysts said. Participants would also keep an eye on retail investor sentiment in the aftermath of Franklin Templeton Mutual Fund shutting six debt schemes, they added. Bourses will remain closed on Friday for ‘Maharashtra Day’.
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Investors could lose a big chunk of the Rs 25,800 crore worth of assets held in the six debt schemes that Franklin Templeton is winding down. With no redemptions possible, investors will have to be satisfied with whatever amount the fund house is able to recover by liquidating the investments.
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The 30-share Sensex closed 536 points or 1.68 per cent down at 31,327, while the broader Nifty 50 index closed at 9,154, down 160 points or 1.71 per cent.